![]() ![]() Principal: The principal is the amount you borrow before any fees or accrued interest are factored in.Your loan’s principal, fees, and any interest will be split into payments over the course of the loan’s repayment term. Repayment term: The repayment term of a loan is the number of months or years it will take for you to pay off your loan.You can use Bankrate’s APR calculator to get a sense of how your APR may impact your monthly payments. APR: The APR on your loan is the annual percentage rate, or cost per year to borrow, which includes interest and other fees.As you make more payments, gradually more of those payments begin to go toward principal. ![]() At the beginning of your mortgage, a significant part of your payment typically goes toward interest. This rate is charged on the principal amount you borrow. A loan amortization schedule shows how your monthly payment pays off your mortgage over time.
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